It was one of the [several] causes of the low-oil-to-the-top-end issue in the F2 and F3 engines. It unfortunately "cools" the oil by restricitng its flow via 2 small ports where it is supposed to slow down and transfer heat to the plate, but this same action, if the oil is a higher detergent type, makes the oil foam right past here as the holes open back up, just in time to put it into the main galley and send it everywhere.
If you do decide to run this plate, make sure to use ONLY low-detergent oils like the Racing types or the Castrol 4T series in 20w50 weights. Mobil 1 makes one 20w50 oil in their diesel family that is low detergent, too. I use this in my K2 and like it a lot (no oil cooler needed: the oil runs almost 20 degrees cooler all by itself).